If your company has yet to adopt the New Lease Accounting Standard (ASC 842), this self-study webinar will supply you with the expert guidance you need to effectively make the transition, as well as provide you with a detailed review of its core principles. Join us to gain a comprehensive understanding of:
- New Standard core principles, with numerous examples
- Transition requirements of ASU 2016-02 and the optional transition method in ASU 2018-11
- Internal controls transition issues
-
Software transition benefits
...and everything else you need to make a smooth transition!
To provide financial professionals with guidance for overcoming the challenges of transitioning from Lease Accounting Topic ASC 840 to ASC 842.
- Effective Dates & Transition Requirements
- Scope, Exceptions & Exclusions
- Determination of Lease Term, Discount Rates & Fair Market Value of Leased Assets
- Lease Classification & Lease Liability Measurement
- Modified Retrospective Transition Method for an Operating Lease
- ASU 2018-11 & Transition Practical Relief Exceptions
- Business Combinations Assets & Liabilities Transition under ASC Topic 805
- COVID-19 Impact
- Internal Control Issues & Software Automation Benefits
- IFRS 16 Transition Methods
• Identify the effective date of the New Leasing Standard for all entities
• Identify those leases for which a lessee must recognize a right-of-use asset and a lease liability
• Identify the transition requirements of Topic 842
• Recognize the scope of Topic 842
• Recognize those circumstances under which a lessee may not be required to recognize a lease
• Identify the periods to be included in the lease term
• Identify the circumstances under which a lease term should be reassessed
• Recognize the required interest rates to be used when recognizing the PV of the lease liability
• Recognize lease classifications under both GAAP and IFRS
• Recognize generally accepted measurements behind certain leasing terminology
• Identify the role of residual value guarantees when calculating the PV of future lease payments
• Recognize specified observations about the impact of the New Leasing Standard on a lessee’s financial results
• Recognize the parameters for the use of specified practical expedients
• Identify the impact of variable lease payments on the opening ROU and lease liability
• Identify the FASB accommodations regarding the New Leasing Standard due to the ongoing pandemic
• Recognize the implications of implementation of the New Leasing Standard on an entity’s internal controls
• Recognize the role of documentation on the implementation of the New Leasing Standard